Mistake
Lexus Test Driver
Joined: Jun 2006
Posts: 1,188
Likes: 7
From: FL
Originally Posted by is4me2
Your friend didn't BUY anything.....he is renting the car for 4 yrs. Good thing he didn't give them any money down because then he would just have given them money for nothing. He is now spending $800 a month to rent a car. If it makes you feel any better that is cheaper than a car rental place would charge to rent such a nice car. If he doesn't have any other big monthly expenses so what, let him enjoy it. He'll learn soon enough.
Many people are stuck in the rut of thinking the car isn't "theirs" unless they finance, but unless you pay cash for the vehicle, the bank owns it anyway. If you trade it before it's paid off, you just paid higher "rent" than the guy that thought ahead and leased.
YMMV.
CL Community Team
Joined: Dec 2005
Posts: 5,745
Likes: 350
From: NJ
Originally Posted by 15951
many people lease because they trade up every 3-4 years and don't want to get hit on the trade in or private sale.
Thread Starter
Driver
Joined: May 2006
Posts: 141
Likes: 0
From: CA
he makes around 1,000 a month but supposedly his new job that he hasn't even started or decided if he like will pay him 5,000 a month. Regardless he doesn't even take care of his woman and child he is a child and his woman does everything for him. I tried to explain it to her because she does have common sense. I cried last night guys. I'm seriously hurt. It took me years to get where I am and if I would have only not made these kind of mistakes. He doesn't even own a home or have a garage. I will stop. Thanks for the help you guys always know what's up!!! Maybe we could take this thread down before he joins. Oh by the way he is a bus boy at a Mcdonalds. He also delivers food for them to neighboring homes. Hi my namis is Tony here is your BIG MAC like my LEXUS? 
Lexus Test Driver
Joined: Dec 2005
Posts: 841
Likes: 0
From: Fullerton, CA
Originally Posted by JJG430
Well to keep this post somewhat anonymous I can't say everything but yes he is blood relative
Lexus Test Driver
Joined: Jun 2006
Posts: 1,188
Likes: 7
From: FL
Originally Posted by Bichon
They still get hit on the trade. A lease is simply financing the difference in cost between the purchase price and the residual value at the time of lease return, plus some additional fees like acquisition costs that are pure profit for the leasing company. The "hit" that one would take at trade-in time is already in the residual -- a very conservative estimate of the cars future value, in order to protect the leasing company. Unless you are in some sort of special tax situation that somehow favors leasing, purchasing is almost certain to be cheaper in the long run.
Purchasing is only cheaper in the long run if:
1. You cannot practically abide by lease terms (e.g. 15k miles a year);
2. You don't take care of your car (lease end costs for damage);
3. You plan on driving the car until the wheels fall off; or
4. The car you're considering loses value unusually fast.
Simply looking at it in terms of monthly payments justifies a lease for me. I'm financing depreciation, rather than the entire cost of the car.
ClubLexus Stories
Celebrating Lexus & Toyota from Around the Globe
Lexus NX 350h: A Fuel-Sipping Secret Hot Hatch???
Michael S. Palmer
5 Best & 5 Worst Lexus Daily Drivers
Joe Kucinski
Top 5 Hottest Lexus & Toyotas in 2026 (Hardest To Buy)
Brett Foote
2026 Lexus IS 350 F Sport Review: The Last of Its Kind Still Rocks
Michael S. Palmer
Top 10 Most Confusing Things Lexus Has Ever Done!
Joe Kucinski
2026 Lexus ES Review: Lexus Re-Embraces Founding Principles
Michael S. Palmer
10 Lexus Bargains That are Cheaper Than a New Toyota RAV4
Joe Kucinski
8 Weirdest Things Lexus Has Ever Built
Verdad Gallardo
10 Lexus Designs That Have Aged Like Fine Wine
Verdad Gallardo
Lexus Champion
Joined: Jan 2006
Posts: 1,762
Likes: 1
From: South FLA
Good luck to your friend. Hopefully he makes enough to cover the car payment, insurance, and all of his usual bills.
All you can do is advise him that he might be getting a little in over his head. If he still chooses to do so, then that's all on him.
All you can do is advise him that he might be getting a little in over his head. If he still chooses to do so, then that's all on him.
Originally Posted by ihkskim
750 score dont' mean crap if you dont' have history. and 1k a month and buying a 50k car? wtf.. i make like.. 8 a month and i still bought a is250. let him be ni*ger rich.
Registered User
Joined: Apr 2006
Posts: 320
Likes: 0
From: USA
Your bus boy friend must be robbing the till @ the restaurant he works at. How can a bus boy afford an $800.00 payment plus insurance and upkeep....duh Your friend no doubt is a young fella with no financial sense!
Lexus Fanatic
Joined: Oct 2003
Posts: 94,702
Likes: 290
From: Virginia/D.C. suburbs
Originally Posted by JJG430
I need to keep this anonymous but my friend bought a new is350 with every option possible including clear 3m and so on. His final ticket is somewhere around 50k and to top this off he is leasing it with no $ out of pocket ZERO down and his payment on a 48 month lease is $800 a month. Did I mention he has a nearly 750 credit score but as for his job he hasn't even statrted it and right now he is a buss boy at a restaurant. Is he going to ruin his life? HELP so I can help him
But if the squeeze turns out to be too much for him the worst that can happen is that the dealership ( or bank ) simply reposseses the car. It's not like he's going to be out on the street homeless, although his girl friend might have to drive him to work and back until he gets himself into a cheaper car or alternate transportation.
This is one of the main reasons why I have spoken so much about auto stereotypes and the obsession of some people to try and keep up with the Jones'es...it can get them in trouble.
Last edited by mmarshall; Jul 9, 2006 at 03:14 PM.
Lead Lap
Joined: Jan 2002
Posts: 476
Likes: 0
From: CA
maybe hes doing stuff on the side *cough* but give it a month or 2, then if hes in the craps then help him transfer the lease to another willing person. i dunno much about it but ive seen ppl transfer leases over when they couldnt afford to pay for it.